// London Fashion Week expected to drive sales to £600m
// The ‘see-now, buy-now trend’ for fashion week fans will give local retailers a boost
London Fashion Week is expected to create a sales bonanza in the city’s West End district, with the New West End Company predicting that sales will reach over £600 million.
The organisation, which represents 600 businesses trading in the Bond, Oxford and Regent street precincts, said the fashion event is a “global moment” that will attract tens of thousands of visitors from across the UK and abroad.
It also highlighted the bonus combination of London Fashion Week falling so close to Chinese New Year this year.
“This combination of fashion fans and international visitors will help February sales in the West End reach over £600 million,” New West End chief executive Jace Tyrrell said.
“We’ve noticed that the see-now, buy-now trend has penetrated more West End retailers than ever before, with many offering customers access to their collections immediately after catwalk shows.
“This is a key contributor to the spike in spend by these high spending shoppers.”
Meanwhile, Tyrrell highlighted the adverse impact of the rise in business rates for fashion brands that have a flagship stores in West End.
“The iconic brands that choose London’s West End to showcase their collections are suffering from increase in business rates of up to 150 per cent in what are challenging times for the high street,” he said.
“That’s why we are seeking to mitigate the impact of business rates and campaigning for a long-term reform of the business taxation system.”